XML 79 R63.htm IDEA: XBRL DOCUMENT v3.26.1
Debt - Schedule of Outstanding Indebtedness (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Feb. 03, 2025
Jun. 30, 2026
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument        
Weighted average interest rate   4.454% 4.454%  
Principal Amount   $ 17,218,422 $ 17,218,422  
Carrying Value   $ 16,931,155 $ 16,931,155 $ 16,773,241
Secured Overnight Financing Rate (SOFR)        
Debt Instrument        
Basis spread on variable rate (percent) 1.00%      
Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument        
Basis spread on variable rate (percent) 1.00%      
Senior Unsecured Notes        
Debt Instrument        
Weighted average interest rate   4.60% 4.60% 4.464%
Principal Amount       $ 17,092,453
Carrying Value       $ 16,773,241
Senior Unsecured Notes | MGM Grand/Mandalay Bay CMBS Debt        
Debt Instrument        
Interest rate, stated percentage   3.558% 3.558% 3.558%
Principal Amount   $ 3,000,000 $ 3,000,000 $ 3,000,000
Carrying Value   $ 2,840,986 $ 2,840,986 $ 2,827,515
Senior Unsecured Notes | 4.500% Notes        
Debt Instrument        
Interest rate, stated percentage   4.50% 4.50% 4.50%
Principal Amount   $ 500,000 $ 500,000 $ 500,000
Carrying Value   $ 499,147 $ 499,147 $ 496,596
Senior Unsecured Notes | 4.250% Notes        
Debt Instrument        
Interest rate, stated percentage   4.25% 4.25% 4.25%
Principal Amount   $ 1,250,000 $ 1,250,000 $ 1,250,000
Carrying Value   $ 1,248,811 $ 1,248,811 $ 1,247,385
Senior Unsecured Notes | 5.750% Notes        
Debt Instrument        
Interest rate, stated percentage   5.75% 5.75% 5.75%
Principal Amount   $ 750,000 $ 750,000 $ 750,000
Carrying Value   $ 751,282 $ 751,282 $ 752,382
Senior Unsecured Notes | 3.750% Notes        
Debt Instrument        
Interest rate, stated percentage   3.75% 3.75% 3.75%
Principal Amount   $ 750,000 $ 750,000 $ 750,000
Carrying Value   $ 748,952 $ 748,952 $ 748,114
Senior Unsecured Notes | 4.500% Notes        
Debt Instrument        
Interest rate, stated percentage   4.50% 4.50% 4.50%
Principal Amount   $ 350,000 $ 350,000 $ 350,000
Carrying Value   $ 346,035 $ 346,035 $ 344,756
Senior Unsecured Notes | 4.750% Notes        
Debt Instrument        
Interest rate, stated percentage   4.75% 4.75% 4.75%
Hedge adjusted interest rate     4.516% 4.516%
Principal Amount   $ 1,250,000 $ 1,250,000 $ 1,250,000
Carrying Value   $ 1,245,894 $ 1,245,894 $ 1,244,632
Senior Unsecured Notes | 4.750% Notes        
Debt Instrument        
Interest rate, stated percentage   4.75% 4.75% 4.75%
Principal Amount   $ 400,000 $ 400,000 $ 400,000
Carrying Value   $ 397,674 $ 397,674 $ 397,012
Senior Unsecured Notes | 3.875% Notes        
Debt Instrument        
Interest rate, stated percentage   3.875% 3.875% 3.875%
Principal Amount   $ 750,000 $ 750,000 $ 750,000
Carrying Value   $ 719,560 $ 719,560 $ 713,898
Senior Unsecured Notes | 4.625% Notes        
Debt Instrument        
Interest rate, stated percentage   4.625% 4.625% 4.625%
Principal Amount   $ 1,000,000 $ 1,000,000 $ 1,000,000
Carrying Value   $ 994,532 $ 994,532 $ 993,732
Senior Unsecured Notes | 4.950% Notes        
Debt Instrument        
Interest rate, stated percentage   4.95% 4.95% 4.95%
Hedge adjusted interest rate     4.541% 4.541%
Principal Amount   $ 1,000,000 $ 1,000,000 $ 1,000,000
Carrying Value   $ 993,684 $ 993,684 $ 992,815
Senior Unsecured Notes | 4.125% Notes        
Debt Instrument        
Interest rate, stated percentage   4.125% 4.125% 4.125%
Principal Amount   $ 1,000,000 $ 1,000,000 $ 1,000,000
Carrying Value   $ 993,847 $ 993,847 $ 993,101
Senior Unsecured Notes | 5.125% Notes        
Debt Instrument        
Interest rate, stated percentage   5.125% 5.125% 5.125%
Hedge adjusted interest rate     4.969% 4.969%
Principal Amount   $ 750,000 $ 750,000 $ 750,000
Carrying Value   $ 742,523 $ 742,523 $ 741,828
Senior Unsecured Notes | 5.125% Notes        
Debt Instrument        
Interest rate, stated percentage   5.125% 5.125% 5.125%
Hedge adjusted interest rate     3.98% 3.98%
Principal Amount   $ 1,500,000 $ 1,500,000 $ 1,500,000
Carrying Value   $ 1,487,941 $ 1,487,941 $ 1,486,918
Senior Unsecured Notes | 5.750% Notes        
Debt Instrument        
Interest rate, stated percentage   5.75% 5.75% 5.75%
Hedge adjusted interest rate     5.689% 5.689%
Principal Amount   $ 550,000 $ 550,000 $ 550,000
Carrying Value   $ 542,441 $ 542,441 $ 541,956
Senior Unsecured Notes | 5.625% Notes        
Debt Instrument        
Interest rate, stated percentage   5.625% 5.625% 5.625%
Hedge adjusted interest rate     5.601% 5.601%
Principal Amount   $ 900,000 $ 900,000 $ 900,000
Carrying Value   $ 886,192 $ 886,192 $ 885,409
Senior Unsecured Notes | 5.625% Notes        
Debt Instrument        
Interest rate, stated percentage   5.625% 5.625% 5.625%
Principal Amount   $ 750,000 $ 750,000 $ 750,000
Carrying Value   $ 737,089 $ 737,089 $ 736,842
Senior Unsecured Notes | 6.125% Notes        
Debt Instrument        
Interest rate, stated percentage   6.125% 6.125% 6.125%
Principal Amount   $ 500,000 $ 500,000 $ 500,000
Carrying Value   $ 486,143 $ 486,143 485,897
Revolving Credit Facility        
Debt Instrument        
Commitment fee percentage   0.20% 0.20%  
Revolving Credit Facility | Minimum        
Debt Instrument        
Basis spread on variable rate (percent)     0.70%  
Commitment fee percentage     0.10%  
Revolving Credit Facility | Maximum        
Debt Instrument        
Basis spread on variable rate (percent)     1.40%  
Commitment fee percentage     0.30%  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument        
Basis spread on variable rate (percent) 0.70%      
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument        
Basis spread on variable rate (percent) 1.40%      
USD | Revolving Credit Facility        
Debt Instrument        
Principal Amount       0
Carrying Value       $ 0
USD | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)        
Debt Instrument        
Basis spread on variable rate (percent)       0.85%
USD | Revolving Credit Facility | Senior Unsecured Notes        
Debt Instrument        
Principal Amount   $ 0 $ 0  
Carrying Value   0 $ 0  
USD | Revolving Credit Facility | Senior Unsecured Notes | Secured Overnight Financing Rate (SOFR)        
Debt Instrument        
Basis spread on variable rate (percent)     0.85%  
CAD | Revolving Credit Facility        
Debt Instrument        
Principal Amount       $ 120,219
Carrying Value       $ 120,219
CAD | Revolving Credit Facility | Canadian Overnight Repo Rate Average (CORRA)        
Debt Instrument        
Basis spread on variable rate (percent)       0.85%
CAD | Revolving Credit Facility | Senior Unsecured Notes        
Debt Instrument        
Principal Amount   246,540 $ 246,540  
Carrying Value   246,540 $ 246,540  
CAD | Revolving Credit Facility | Senior Unsecured Notes | Canadian Overnight Repo Rate Average (CORRA)        
Debt Instrument        
Basis spread on variable rate (percent)     0.85%  
GBP | Revolving Credit Facility        
Debt Instrument        
Principal Amount       $ 22,234
Carrying Value       $ 22,234
GBP | Revolving Credit Facility | Sterling Overnight Index Average (SONIA)        
Debt Instrument        
Basis spread on variable rate (percent)       0.85%
GBP | Revolving Credit Facility | Senior Unsecured Notes        
Debt Instrument        
Principal Amount   21,882 $ 21,882  
Carrying Value   $ 21,882 $ 21,882  
GBP | Revolving Credit Facility | Senior Unsecured Notes | Sterling Overnight Index Average (SONIA)        
Debt Instrument        
Basis spread on variable rate (percent)     0.85%